This course provides an introduction to residential real estate finance, including information on the underwriting process for FHA, VA, FNMA and FHLMC loans. It includes the following lessons:Introduction to Loans Conventional Loans FHA Loans VA Loans The Basics of Real Estate Financing Real Estate PracticeIn this course the student will learn the basics of the different types of loans available and the advantages and disadvantages of each; loan applications; appraisals; escrow; titles; and credit reports, including qualifying for loan amounts and verifying income and assets.The student will also learn how to calculate loan amounts, estimate monthly payments from property taxes, hazard and mortgage insurance, qualifying ratios and income.
Upon completion of this course, the student will be able to:
- Understand the basic concepts and key terms of real estate financing and the key terms
- Describe how to qualify a buyer for the most common types of loans
- Understand the use and function of escrow accounts
- Determine what a mortgage insurance premium is
- Understand the process of underwriting its guidelines
- Identify the three most common types of loans
conventional, FHA and VA
- Explain the advantages and disadvantages of conventional loans
- Distinguish how to use conventional qualifying ratios
- State the advantages and disadvantages of FHA loans
- Identify the differing FHA qualification ratios
- Explain the advantages and disadvantages of VA loans
- Describe VA eligibility and qualification periods
- Calculate the amount of VA entitlement used
- Calculate VA loan amounts and required down payments
- Explain the process and qualifications for assuming VA and FHA loans
- Identify other types of loans available
- Understand how to underwrite and close loans
Real Estate Finance - Virginia Department of Professional and Occupational Regulation
End of Course Instructions
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